Abioye Oyetunji stands at the forefront of Africa’s financial technology revolution. As the founder and CEO of FXKudi, he is spearheading efforts to redefine cross-border money transfers across the continent. His pioneering work in digitising remittance services and streamlining informal financial systems earned him a spot on the prestigious Forbes Africa 30 Under 30 list in 2024.
The Early Days of Abioye Oyetunji
Growing up in Nigeria, Oyetunji developed a strong affinity for technology and creative problem-solving. He later moved to Ghana, where he earned a first-class honours in Information Technology in 2020. Committed to deepening his technical knowledge, he pursued a Master’s degree in Computer Software Engineering from Innopolis University in Russia in 2022.
How FXKudi was Born
The foundation of FXKudi can be traced back to 2015, during his university days. By observing his environment, he discovered the difficulties people experience when converting the Naira to the Ghanaian Cedi. Thus, he launched a basic remittance service from his campus. What began with just 2,000 Cedis quickly grew in popularity due to its effectiveness and reliability.
In February 2020, he officially established FXKudi with the vision of revolutionising cross-border payments in Africa. The platform evolved from a manually operated system to a fully digitised service, significantly enhancing accessibility and convenience for users across multiple countries.
Growth, Challenges, and Milestones
Despite limited resources in the early stages, Oyetunji leveraged strategic collaborations and built a strong team to scale FXKudi’s operations. Within its first month of launch, the company generated over $10,000 in revenue, a clear sign of its potential and market demand.
FXKudi stands out not only for its commercial success but also for its social impact. By offering zero-fee transfers and focusing on underserved communities, the company addresses the needs of Africa’s largely informal remittance sector, which accounts for approximately 60% of money transfers on the continent. These efforts align with broader goals of financial inclusion and sustainable development.
Over time, FXKudi has grown to support more than 16,000 users, with a team comprising 15 full-time staff and over 1,000 agents spread across different regions. His contributions to youth entrepreneurship and inclusive finance earned him the “Africa Young Hero of the Year” award in 2021. VISA also recognised FXKudi as one of the top 50 fintech firms advancing financial inclusion in Africa.
Looking Ahead
With the growth rate of FXKudi, Oyetunji plans to scale its operations to 25 African countries within the next five years. His long-term goals include creating over 10,000 direct employment opportunities and supporting up to 500,000 indirect jobs through the company’s expansion and agent networks.
Beyond FXKudi
In addition to running FXKudi, Oyetunji plays an active advisory role in the African startup ecosystem. His insights and experience are helping shape the next generation of fintech innovators. His recognition by Forbes Africa highlights not only his entrepreneurial achievements but also his broader commitment to transforming Africa’s economic future through technology.
